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PHOENIX-A non-profit agency has purchased the 40-unit Crest Apartments for about $1.63 million and plans to turn the complex into subsidized housing to help families in crisis. The property was on the market for nearly a year.

John Kobierowski, senior investment adviser with Phoenix-based Hendricks & Partners, tells GlobeSt.com that the 28,320-sf complex was bought at the full list price by the group Helping Hands, which subsidized the purchase through a low-interest, non-profit loan. Located at 1530 E Sahuaro Dr. in a working-class neighborhood known as Sunnyslope, the property abuts a mountain preserve near Cave Creek Road just south of Cactus and is surrounded by condominiums.

Kobierowki said the group will use the complex to help families make the transition from working to middle class. “They’re hoping to pull tenants out of Sunnyslope and give them a step up,” he says.

Former owner Lloyd Cunningham bought the property a year earlier and had completed renovations on the two-bedroom units prior to sale.

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